Pakistan Revenue
Pakistan Budget 2020–2021 outlines key fiscal measures, tax reforms, and development priorities aimed at economic recovery, growth, and stability.
KARACHI: The Finance Bill 2020 has proposed amendment to laws pertaining to concealed income. Under the amendment the identified concealed income to be added under head of business income. The Finance Bill 2020 proposed amendment to Section 111 of Income Tax Ordinance, 2001. As per interpretation of Finance Bill, 2020, Deloitte Yousuf Adil Chartered Accountants […]
Continue Reading
LAHORE: The Punjab government has announce special relaxation on payment of tax for immovable properties and motor vehicle for financial year 2020/2021. According to Punjab Finance Bill, 2020 following special relaxations have been offered for tax payment of immovable properties and motor vehicles: Special relaxations for financial year 2020-21. (1) Notwithstanding anything contained in sections […]
Continue Reading
LAHORE: The Punjab government has announced a tax relief package amounting over Rs56 billion in the budget 2020/2021. Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented the highlights of the relief package to be provided during next fiscal year.
Continue Reading
LAHORE: The Punjab government has announced an allocation of Rs337 billion for the Annual Development Plan (ADP) for the fiscal year 2020-2021. This significant budget reflects Punjab’s commitment to sustained development and prioritization of ongoing projects.
Continue Reading
LAHORE: Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented provincial budget for fiscal year 2020/2021. The total outlay of the budget is Rs2,240.7 billion. The provincial government allocated Rs337 billion for development program during next fiscal year. The allocation is 32 percent is higher than the annual development plan of the outgoing fiscal […]
Continue Reading
KARACHI: All Pakistan Textile Mills Association (APTMA) has rejected the federal budget 2020/2021 saying that the budget has failed to address serious industry issues in the light of the worldwide Covid-19 created crisis. This is likely to lead to large scale unemployment and closures and as the market dynamics have changed Post Covid, it said […]
Continue Reading
ISLAMABAD: The Finance Bill, 2020 has proposed to withdraw withholding tax collection on nine different types of transactions under Income Tax Ordinance, 2001. According to budget commentary issued by PwC A F Ferguson, as part of reforms for ease of doing business, the government has proposed to withdraw following withholding tax provisions, which in government’s […]
Continue Reading
ISLAMABAD: Withholding agents shall require to file statement on quarterly basis from fiscal year starting July 01, 2020. The Finance Bill, 2020 proposed amendments to Section 165 of Income Tax Ordinance, 2001, under which the filing of withholding statement will be on quarterly basis against existing biannual basis. The requirement of filing withholding statement on […]
Continue Reading
ISLAMABAD: All registered taxpayers are required to update their profile by providing details of bank accounts otherwise they will be excluded from Active Taxpayers List (ATL). The Finance Bill, 2020 has proposed amendment to insert Section 114A to the Income Tax Ordinance, 2001 to make the mandatory for all taxpayers to update their profile. According […]
Continue Reading
ISLAMABAD: The filing of annual income tax return has been made mandatory for taxpayers falling under Final Tax Regime (FTR). The Finance Bill, 2020 has proposed amendment to Section 114 of Income Tax Ordinance, 2001. A new clause (ae) has been inserted to Section 114 to make it mandatory for persons falling under FTR to […]
Continue Reading